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El Salvador - Country Partnership Strategy Progress Report ()

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El Salvador's economic and social performance over the Country Partnership Strategy (CPS) period largely reflects the impact of the global economic crisis. After a long period of broad-based growth and structural reform, El Salvador was seriously hit ... انظر المزيد +El Salvador's economic and social performance over the Country Partnership Strategy (CPS) period largely reflects the impact of the global economic crisis. After a long period of broad-based growth and structural reform, El Salvador was seriously hit by the global crisis. In response, the new Government initiated an Anti-Crisis Plan involving a stimulus package of nearly US$600 million over the period 2009-2011. Although offsetting austerity measures were taken, fiscal performance deteriorated and became a major source of economic concern. The economy has started recovering from the impacts of the global crisis, but the speed and magnitude of the recovery are still fragile. Progress towards CPS outcomes has been satisfactory and notable advances have been made under each of the CPS pillars. The Bank's portfolio has expanded with the approval of six operations during this CPS period. Five of these operations have become effective and the recently approved DPL is expected to become effective shortly. This contrasts sharply with the previous CPS period when several loans had to be cancelled due to lack of congressional approval. Going forward, El Salvador faces significant challenges to overcome the current stagnation in the economy. The Bank will continue to provide support through FY14 under the corresponding three priority CPS areas of economic and institutional fundamentals, improved social services, and opportunity. It will also prepare necessary analytical background for an engagement focused on a longer term perspective in the next CPS period. Given the continued relevance of the CPS, this Progress Report proposes to extend the CPS period to cover the full mandate of the current administration. The Progress Report also outlines a more detailed plan of activities for the outer years of the CPS.
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